TORONTO — Some of the most active companies traded Monday on the Toronto Stock Exchange:
Toronto Stock Exchange (16,514.44, down 191.35 points).
Suncor Energy Inc. (TSX:SU). Energy. down 83 cents, or 3.81 per cent, to $20.93 on 9.9 million shares.
Manulife Financial Corp. (TSX:MFC). Financials. Down 67 cents, or 3.37 per cent, to $19.24 on 8.3 million shares.
Kinross Gold Corp. (TSX:K). Materials. Down seven cents, or 0.6 per cent, to $11.58 on 7 million shares.
SOPerior Fertilizer Corp. (TSX:SOP). Materials. Up 1.5 cents, or 42.86 per cent, to five cents, on 5.6 million shares.
The Toronto-Dominion Bank (TSX:TD). Financials. Down 71 cents, or 1.08 per cent, to $65.07 on 5.5 million shares.
Air Canada (TSX:AC). Industrials. Down 39 cents, or 2.17 per cent, to $17.60 on 6.1 million shares.
Companies in the news:
Obsidian Energy Ltd. (TSX:OBE). Up five cents or 9.4 per cent to 58 cents. — A hostile takeover offer by Obsidian Energy Ltd. launched by making public a letter to the CEO of Bonterra Energy Corp. demonstrates growing frustration at the slow pace of consolidation in the sector, energy industry analysts say. On Monday, Obsidian interim CEO Stephen Loukas released the letter addressed to Bonterra chairman and CEO George Fink in which an offer is made to combine the two small Calgary-based oil and gas producers. Under the proposed deal, two Obsidian shares would be issued for each Bonterra share — although Bonterra was trading at nearly a three-to-one valuation at market close on Friday. Analyst Patrick O'Rourke of ATB Capital Markets agreed that consolidation is needed to create larger entities that would be more liquid and resilient and therefore more attractive to investors who have been steering clear of the energy sector.
Whitecap Resources Inc. (TSX:WCP). Up four cents. — Whitecap Resources Inc. says it has struck an all-stock deal to buy private oil and gas producer NAL Resources Ltd. for the equivalent of about $155 million. The Calgary-based company says it will issue 58.3 million shares to buy its crosstown rival from owner Manulife Financial Corp. Whitecap says NAL's assets overlap with many of its own operations and offer opportunities for cost-saving synergies in west central Alberta, west central Saskatchewan and southeast Saskatchewan. Manulife is expected to own about 12.5 per cent of the combined entity if the deal closes in early January as expected. It has agreed to hold its shares for at least 12 months, with one-third of the stock released then and the rest over the next six months. NAL is currently producing about 27,000 barrels of oil equivalent per day, about 55 per cent oil and natural gas liquids, but that is forecast to decline to 22,000 boe/d in 2021.
This report by The Canadian Press was first published Aug. 31, 2020.
The Canadian Press
